Dagong Global Credit Rating Co.
TypeState-owned enterprise
IndustryFinancial services
Founded1994
Headquarters
Beijing
,
China
OwnerChina Reform Holdings Corporation
Websitedagongcredit.com

Dagong Global Credit Rating (Chinese: 大公国际资信评估有限公司; pinyin: Dàgōng Guójì Zīxìn Pínggū Yǒuxiàn Gōngsī) is a state-owned credit rating agency based in China.

History

The company was established in 1994, following approval by the People's Bank of China and the State Economic and Trade Division of the People's Republic of China.[1]

In May 2009, an agreement of mutual cooperation was signed with Xinhua News Agency, reported as "promoting a national credit rating system".[2] The company stated that it has used "dialectical materialism" as part of its evaluative approach.[3][4]

In June 2013, Dagong Europe Credit Rating was registered and received authorisation from the European Securities and Markets Authority as Credit Rating Agency. In the same year, it was recognised by the Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA) as External Credit Assessment Institution operating in the European Union.[5][1] It was led by Mauro Alfonso until February 2014.[6]

In 2018, Dagong's operations were suspended following accusations of corruption and doctored ratings in exchange for fees.[7] In 2019, Dagong was nationalized with China Reform Holdings Corporation acquiring a 58% stake as part of the rectification process.[8][9]

See also

References

  1. 1 2 Bush, Chunping (2021-09-01). "The Rise and Fall of Dagong Global Credit Rating Agency: A Geopolitical Challenge for the Rating Industry". Journal of Financial Regulation. 7 (2): 319–324. doi:10.1093/jfr/fjab007. ISSN 2053-4833.
  2. ↑ http://news.xinhuanet.com/politics/2009-05/21/content_11414709.htm Archived 2016-03-04 at the Wayback Machine (Chinese) 新华社与大公国际签署合作框架协议
  3. ↑ Doshi, Rush (2021-09-30). The Long Game: China's Grand Strategy to Displace American Order (1 ed.). Oxford University Press. p. 257. doi:10.1093/oso/9780197527917.001.0001. ISBN 978-0-19-752791-7. OCLC 1256820870.
  4. ↑ "Corporate Culture". Dagong Global. Archived from the original on December 29, 2016. Retrieved October 24, 2021.
  5. ↑ "Dagong Europe :: Page_title_about_us". Archived from the original on 2017-04-13. Retrieved 2017-04-12.
  6. ↑ "DAGONG EUROPE: DIRETTORE GENERALE MAURO ALFONSO ESCE DALLA SOCIETA'". Agi (in Italian). Retrieved 2022-04-05.
  7. ↑ "Credit rating agency Dagong suspended in cash-for-ratings probe". South China Morning Post. 2018-08-18. Archived from the original on 2021-09-09. Retrieved 2021-10-24.
  8. ↑ "State Firm Takes Over Disgraced Credit Rating Agency Dagong". Caixin. April 18, 2019. Archived from the original on 2021-10-24. Retrieved 2021-10-24.
  9. ↑ "Top China Credit Ratings Agency Sanctioned Twice in One Month". Caixin. July 12, 2021. Archived from the original on 2021-10-24. Retrieved 2021-10-24.
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